Pawel Wodnicki is serving as the release manager for the LLVM/Clang 3.2 release and he's hoping to release 3.2 on the 16th of December, one week prior to Christmas.
Wodnicki is planning for a feature/functionality freeze on the 29th of November, after which only bug-fixes and patches for release blocking issues will be permitted. Unfinished features at that point will be disabled by default. Prior to the feature freeze, the LLVM 3.2 branching is currently penciled in to happen on the 11th of November.
The LLVM/Clang 3.2 release plan was shared on the cfe-dev mailing list.